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Posts Tagged ‘Finance’

EU finance ministers to meet on Irish aid plan Sunday

In Uncategorized on November 27, 2010 at 1:51 pm

European Union finance ministers are to meet in Brussels on Sunday to discuss the EU aid plan for debt-ravaged Ireland, a French source said Saturday.

The source familiar with the issue said French Finance Minister Christine Lagarde had called for a meeting of her colleagues from eurozone countries, to be joined afterwards by ministers from the rest of the EU.

Originally it had been planned for them to communicate simply by telephone to approve the package worth 85 billion euros (113 billion dollars) and its conditions, the source added.


Source: SGGP

Chief finance officers share information

In Uncategorized on November 25, 2010 at 5:22 pm

Chief finance officers share information

QĐND – Thursday, November 25, 2010, 20:55 (GMT+7)

More than 200 local and foreign chief financial officers (CFOs) gathered in Hanoi on November 24 for a seminar on their role in dealing with fiscal turbulence.

The seminar promoted the sharing of information on corporate finance, integration into the international financial community and harmonizing financial and accounting standards.

Participants also discussed the global accreditation system by the International Association of Financial Executives.

Nguyen Ngoc Bach, director of the CFO Vietnam Club, said the global economy is gaining momentum, but financial downturn is not yet over.

He said the seminar offered an opportunity for CFOs and corporate leaders to develop measures to minimize risks in business operations.

Bach said the implementation of the association’s global accreditation and finance and accounting standards in Vietnam will help standardise financial management systems.

Hiroshi Yaguchi, vice chairman of the association and founder and executive director of the Japan Association for CFOs, told the forum that the world economy is relying on Asia to further grow.

He said the situation remains unstable and unpredictable and a second dip can still be triggered. However, the world economy had fully shifted to Asia.

Le Dang Doanh, former director of the Central Institute for Economic Management (CIEM), said Vietnam’s economy has witnessed a significant recovery during the past two years.

It was agreed that skilled human resources is the key to boosting industry and attracting foreign investment.

Public and private investments remain at high levels. However, the exchange rate has been strongly influenced by Vietnam’s rising inflation, budget deficits, increasing public and foreign debt, an international trade deficit and current account deficit.

To combat this, the Vietnamese Government has set an ambitious target of stabilizing inflation while trying to reach a higher economic growth rate.

Source: VOV

Source: QDND

France to push G20 monetary reforms: finance minister

In Uncategorized on November 17, 2010 at 3:26 am

Finance Minister visits China

In Uncategorized on August 17, 2010 at 3:22 pm

Finance Minister visits China

QĐND – Tuesday, August 17, 2010, 22:7 (GMT+7)

Finance Minister Vu Van Ninh has been on a working visit to China at the invitation of Chinese Finance Minister Xie Xuren from Aug. 11-17.

During the visit, Minister Xie received the Vietnamese counterpart and his delegation.

The two sides discussed recent economic and financial developments in each country and agreed that boosting cooperation exchanges between the two ministries contributed to enhancing the traditional friendship and the comprehensive strategic cooperative partnership between the two countries.

Minister Xie described the visit by the Vietnamese delegation as a practical activity to celebrate the 60 th anniversary of China-Vietnam diplomatic ties.

The Vietnamese delegation also met with Governor of the People’s Bank of China Zhou Xiaochuan, exchanging views on the impacts of the global financial crisis and measures to stablise the macro economy in the global economic slowdown, policies on interest rates, foreign exchange reserves and banking management.

Minister Ninh and his entourage also met the President of China Securities Regulatory Commission Shang Fulin.

They had a working session with Head of the Financial Science Research Institute of the Chinese Finance Ministry Jia Kang and a number of Chinese financial experts on experiences in coping with the global economic crisis and Chinese policies on management of labour and land of equitised enterprises.

The Vietnamese delegation visited Shanghai from Aug. 15-17.

Source: VNA

Source: QDND

Obama signs historic finance reform bill

In Uncategorized on July 23, 2010 at 11:18 am

WASHINGTON, July 21, 2010 (AFP) – President Barack Obama Wednesday signed into law the most sweeping reform of the US finance industry since the 1930s, promising US taxpayers would no longer get the bill for Wall Street excess.

The legislation, which some Republicans have pledged to repeal, introduces new consumer protections, checks the power of big banks and cracks down on deceptive practices by credit card firms.

US President Barack Obama speaks before signing the Dodd-Frank Wall Street Reform and Consumer Protection Act at the Ronald Reagan Building in Washington, DC, July 21, 2010. AFP PHOTO

“Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more tax-funded bailouts,” Obama promised.

Seeking to restore public confidence in his economic leadership as unemployment flirts with double digits, Obama said the bill would repair the fractures and abuses that produced the financial meltdown.

“It was a crisis born of a failure of responsibility, from certain corners of Wall Street to the halls of power in Washington,” said Obama, before adding the legacy-boosting law to his huge health care reform passed earlier this year.

“These reforms represent the strongest consumer financial protections in history,” Obama said, before signing the new law, passed by Congress last week.

“These protections will be enforced by a new consumer watchdog with just one job: looking out for people — not big banks, not lenders, not investment houses.”

The financial reform bill finally squeezed through Congress with just a handful of Republican votes, as the opposition party stuck with its policy of trying to block Obama’s ambitious reform program at all costs.

Republican leaders on Wednesday condemned the new law, saying it would crimp growth, and handcuff the might of America’s financial titans.

Republican National Committee chairman Michael Steele accused Obama of trying to convince “skeptical Americans that he is doing everything he can to lower unemployment.”

“President Obama has signed into law a 2,300-page behemoth that will saddle the business community with innumerable unintended consequences, tighter credit, and countless job-killing regulations,” Steele said.

Mike Pence, a leading Republican in the House of Representatives, said the bill would hugely expand government control of the private sector.

“We need to repeal this new big government program and replace it with common sense reform that protects taxpayers from bailouts,” he said, disputing Obama’s claims that the law would end the need for government rescues.

Obama is facing his lowest approval ratings yet in some polls, but the idea of cracking down on banks is popular with the public.

However, much of the financial reform bill, like the health care law, will take time to implement and so may not help his political plight for months.

For instance, it will be up to a year before a new Consumer Financial Protection Bureau is set up to protect American consumers from hidden fees and deceptive lending practices when they get a new mortgage or credit card.

It could be 18 months before new regulations emerge to stop banks from engaging in impermissible proprietary trading and investment in hedge funds under the Volcker rule, named after former Federal Reserve chief Paul Volcker.

In a bid to highlight the help the bill will grant to the middle class, Obama was joined at the signing ceremony by several Americans who suffered unfair treatment at the hands of credit card firms and banks.

The legislation closes loopholes in regulations and requires greater transparency and accountability for hedge funds, mortgage brokers and payday lenders, as well as arcane financial instruments called derivatives.

The measure has drawn praise but also skepticism from economists and analysts.

The bill “addresses a number of key weaknesses in the US financial regulatory structure that led to the financial meltdown in 2008 and early 2009,” said Brian Bethune at IHS Global Insight.

But Diane Swonk at Mesirow Financial warned that much of the impact is not known.

“We will have more regulators overseeing — but not necessarily averting — risk, and with a bill so large and undefined, we are likely to get more, in terms of unintended than intended consequences, going forward,” she said.

The law is likely to generate heated debate ahead of congressional elections in November as Republicans call for its reversal.

House Republican leader John Boehner said recently the law “ought to be repealed” and replaced with “common sense things that we should do to plug the holes in the regulatory system.”

Source: SGGP

Conference to step up IT application in finance

In Uncategorized on June 23, 2010 at 12:35 pm

Foreign and local information technology (IT) experts together with financial policy makers will gather in Hanoi from September 22-24 for a conference and exposition on IT application in the financial sector in Vietnam.

The 7th Information and Communication Technology in Finance (ICTF) conference and expo will be jointly held by the Finance Ministry and the International Data Group (IDG) under the theme of “E-finance development until 2015.”

Speaking at a press conference in Hanoi on June 22, the organisers said participating experts will advise on building strategy with experiences of foreign countries for the development of Vietnam ’s financial system.

On the sidelines of the conference, there will be an exposition displaying the latest ICT products and solutions of both local and foreign companies.

Within the programme, the IDG will organise a ceremony to present the Oustanding ICT Leader Awards to 20 most excellent business executives from ten ASEAN countries, who have actively promoted ICT application and improved operational procedures in corporations.

Last year, only ten similar awards were presented to business leaders from the three Indochinese countries of Cambodia , Laos and Vietnam.

Source: SGGP

Japan PM quits, Finance Minister likely successor

In Uncategorized on June 3, 2010 at 10:13 am

Japan’s Finance Minister Naoto Kan emerged Thursday as the leading candidate to replace Prime Minister Yukio Hatoyama, who resigned over a US base dispute and political funding scandals.

Kan, 63, who is a deputy prime minister, has declared his intention to stand for the party leadership in a vote on Friday, while other potential candidates, including Foreign Minister Katsuya Okada, have yet to make an announcement.

The mass-circulation Yomiuri Shimbun reported that support for Kan was widening in the ruling Democratic Party of Japan (DPJ), while the Tokyo Shimbun said Kan’s victory was certain and may be decided without contest.

Following Friday’s party election, Hatoyama’s successor must be voted in by parliament, where the DPJ maintains a solid majority in the powerful lower house. Local media said a new cabinet may now be launched as early as Friday.

Japan’s Finance Minister Naoto Kan has emerged as the leading candidate to replace Prime Minister Yukio Hatoyama, who resigned over a US base dispute and political funding scandals.

Hatoyama quit on Wednesday after just eight months in office, ending a term that started with last year’s stunning election victory in which his centre-left party ended an almost unbroken half-century of conservative rule.

Hatoyama’s support plummeted after he backtracked on a promise to move an unpopular US airbase off the southern island of Okinawa, enraging people there, as well as the pacifist Social Democrats, who quit the ruling coalition.

The left-leaning group left the three-party coalition on Sunday, weakening the government in parliament’s upper house ahead of elections for the chamber slated for July 11, in which the DPJ expects to take a beating.

Support built quickly for Kan, a former grassroots civic activist who achieved popularity in the mid-1990s when as health minister he admitted government culpability in a scandal over HIV-tainted blood products.

Kan has served as deputy prime minister and, since January, as finance minister, pushing for spending cuts and tax increases to contain Japan’s ballooning public debt, which is nearing 200 percent of GDP.

Transport Minister Seiji Maehara, another potential successor to Hatoyama, said he was still considering his candidacy. “It is important to make the DPJ a party which is clean and has the spirit of reform,” Maehara said.

The DPJ’s most influential figure, secretary general Ichiro Ozawa, also quit on Wednesday after Hatoyama asked him to step down. Both men have been embroiled in political funding scandals.

But Ozawa, described as the “Shadow Shogun” for his power behind the throne, still maintains considerable influence as he controls the biggest faction in the party, including scores of newcomers elected last year

Source: SGGP

Vietnamese finance company to list on Singaporean exchange

In Uncategorized on May 6, 2010 at 12:40 pm

PetroVietnam Finance Corporation (PVFC) recently announced it was going to list on the Singapore Stock Exchange by the third or the last quarter this year.

According to Nguyen Dinh Lam, chairman of the company’s Board of Directors, the State Bank of Vietnam had approved its proposal and PVFC was in progress to complete procedures involving to listing form.

In the first quarter, the company’s revenue reached VND1.72 trillion, up 138.5 percent year on year, and pre-tax profit was at VND44 billion.

It is expected that the revenue in the second quarter will be around VND1.52 trillion.

Source: SGGP

Indonesian finance minister resigns to join World Bank

In Uncategorized on May 5, 2010 at 12:40 pm

JAKARTA, May 5, 2010 (AFP) – Indonesian Finance Minister Sri Mulyani Indrawati quit on Wednesday to take a top job at the World Bank after months spent battling politicians bent on her ouster, sending share prices plummeting.

Indonesian Finance Minister Sri Mulyani Indrati (C) leaves her office in Jakarta on May 5, 2010. AFP photo

The surprise move was seen as a blow to economic reform in Southeast Asia’s biggest economy and triggered a sell-off on the Jakarta stock market as analysts looked for a credible replacement for the respected technocrat.

“The news is correct. I’m still waiting for the approval of the president. For the time being, I will continue to carry out my duties at the finance ministry during this transition week,” Indrawati, 47, told reporters.

Indonesia’s share market closed 3.81 percent lower after Indrawati, once described as the most powerful woman in Asia, confirmed her resignation from the cabinet of President Susilo Bambang Yudhoyono.

“This is a shock to the index,” Bhakti Securities analyst Reza Nugraha said.

“Investors have yet to see anyone credible to replace Sri Mulyani so they feel anxious. Shares will continue to fall for a while until investors know who will replace her.”

Yudhoyono praised Indrawati and said her new role as World Bank managing director was “strategic, important and honourable”.

He did not name a replacement despite revealing that he had known about the World Bank job since last week.

“I have to tell Indonesians that we have lost one of our best ministers. Sri Mulyani has worked hard to develop an accurate fiscal policy and carry out reform in the area of finance,” he said.

The resource-rich country of 234 million people now has no full-time central bank governor and no finance minister as it tries to attract billions of dollars in foreign investment deemed vital to maintaining high growth.

Acting central bank governor Darmin Nasution has been tipped as a possible replacement for Indrawati.

World Bank President Robert Zoellick said Indrawati, an economist and former International Monetary Fund board member, had guided Indonesia through the global recession and earned the “respect of her peers across the world”.

“She has been an outstanding finance minister with in-depth knowledge of both development issues and the role of the World Bank Group,” he said.

In a World Bank press release Indrawati said: “It is a great honour for me and also for my country to have this opportunity to contribute to the very important mission of the bank in changing the world”.

The independent policy expert has stayed aloof from domestic politics despite being targeted with corruption allegations from party leaders intent on wrestling control of her ministry.

Indrawati announced her resignation a day after being questioned by anti-graft investigators probing the 700-million-dollar bailout of mid-sized Bank Century in 2008. She has denied any wrongdoing.

Some analysts have traced her political problems back to 2008 when she upset the country’s most powerful tycoon, Golkar party chief Aburizal Bakrie, by refusing to shield his family’s Bumi Resources from a stock market sell-off.

The minister also clashed with Bakrie over unpaid mining royalties and taxes, and accused him of waging a public campaign to discredit her.

Indrawati’s uncompromising attitude to corruption — she punished almost 2,000 finance ministry personnel and dishonourably discharged at least 150 — also made her many enemies within the bureaucracy.

Despite the controversies, she has won plaudits as one of the main reformers responsible for putting in place the economic fundamentals that made her five years as finance minister a period of strong and steady growth.

Source: SGGP

White House cranks up pressure on finance reform

In Uncategorized on April 20, 2010 at 9:45 am

(AFP file) The White House has sought to tar Republicans with Wall Street excess, as President Barack Obama cranked up his campaign to quickly pass the most sweeping regulatory reform law in decades.

WASHINGTON (AFP) – The White House on Monday sought to tar Republicans with Wall Street excess, as President Barack Obama cranked up his campaign to quickly pass the most sweeping regulatory reform law in decades.

Aides said Obama will venture into the heart of the US financial capital in New York to make a major speech on Thursday on measures designed to purge high-risk and bloated corporate practices blamed for unleashing a meltdown.

Treasury Secretary Timothy Geithner was meeting two key Republican senators as the administration searched for one or more extra votes needed to pass a Senate bill, over the complaints of the opposition party’s leaders.

Fraud charges leveled against Goldman Sachs meanwhile underscored the alleged finance industry excess the White House is targeting, though officials said they had no prior notice the Wall Street titan was under investigation.

Obama will Thursday make a speech at Cooper Union, a college a few miles from the epicenter of the US finance industry, stepping up a campaign to enact what is billed as the most important regulatory reform law since the 1930s.

“Almost two years after the crisis hit and almost one year after the administration first laid out a detailed plan for holding Wall Street accountable and protecting consumers, (Obama) will call for swift Senate action,” White House spokesman Robert Gibbs said.

“The crisis has already wiped out trillions of dollars in family wealth and cost over eight million jobs.

“The president will also remind Americans what is at stake if we do not move forward with changing the rules of the road as a part of a strong Wall Street reform package.”

Political debate over Obama’s financial reform drive is being colored by looming mid-term congressional elections in November.

Republicans face the tricky political task of opposing this next chunk of Obama’s domestic reform drive while avoiding being portrayed by Democrats as in the pocket of Wall Street finance barons blamed for sparking the crisis.

Democrats last week accused Republican Senate minority leader Mitch McConnell of grossly misrepresenting the bill, but he took to the Senate floor Monday to accuse his foes of scuppering efforts for a bipartisan compromise.

“It seems to me that a far more efficient way of proceeding is to just skip the character attacks on anyone who dares to point out flaws with the bill,” McConnell said.

“Forget the theatrics, and get to work.”

But Gibbs sought to frame McConnell as a friend of Wall Street bankers, rather than American voters struggling after the worst recession in decades.

“I don’t know whether Senator McConnell is interested in putting Wall Street in charge or putting the American people back in charge, but… he’ll have a chance to register whose side he’s on later on this month.”

In a bid to attract some Republican support, the administration has offered to jettison the idea of a liquidation fund, that would be paid for by top banks themselves to actually protect taxpayers.

Republicans have argued that the fund would effectively encourage more taxpayer bailouts — a claim denounced by Democrats as deliberate misinformation.

Geithner met Maine senator Susan Collins, a centrist Republican who could represent a swing vote. Collins called for more negotiations on a bipartisan compromise bill.

“I expressed to the secretary my opposition to the partisan (Democratic) bill,” Collins told reporters.

“But I also told him of my belief that we can work work out a truly bipartisan bill that will strengthen our financial system.”

All 41 Senate Republicans signed a letter last week pledging to oppose the bill in its current form.

The first formal public clash on the bill is likely come later this week with a Senate test vote on financial reform.

Powerful Democratic Banking Committee Chairman Chris Dodd suggested fraud charges leveled against Goldman showed the need for new industry rules.

Without naming Goldman, Dodd cited “a legal matter” affecting “a major investment firm in New York” and stressed: “Our bill would have prevented that kind of event from happening, in my view.”

Gibbs meanwhile said that the White House had no idea last week that the Securities and Exchange Commission, an independent agency, was preparing the charges.

Obama first laid out a version of Wall Street reform at Cooper Union during his presidential election campaign in 2008.

Last September, Obama traveled to within a few blocks of the US Stock Exchange to warn Wall Street bosses were ignoring lessons of the financial crisis, and demanded a new age of prudence after years of unchecked excess.

Obama gave a preview of the tone of this week’s remarks on Saturday, in his weekly radio and online address.

“We will hold Wall Street accountable. We will protect and empower consumers in our financial system. That’s what reform is all about,” he said.

“If we don’t change what led to the crisis, we’ll doom ourselves to repeat it. That’s the truth,” the president warned. “Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again.”

Source: SGGP